Common use of No Duty of Investigation and Notice in CalTRUST Instruments Clause in Contracts

No Duty of Investigation and Notice in CalTRUST Instruments. No purchaser, lender, transfer agent, record keeper or other person dealing with any Trustee, officer, employee or agent of CalTRUST shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by such Trustee, officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of such Trustee, officer, employee or agent. Every obligation, contract, instrument, certificate, Share or other security of CalTRUST and undertaking, and every other document executed in connection with CalTRUST, shall be conclusively presumed to have been executed or done by the executors thereof only in their capacity as Trustees under this Agreement or in their capacity as officers, employees or agents of CalTRUST. Every written obligation, contract, instrument, certificate, Share or other security of CalTRUST or undertaking made or issued by any Trustee shall recite that it is executed by such Trustee not individually, but in the capacity as Trustee under this Agreement, and that the obligations of any such instruments are not binding upon any of the Trustees, Members or Participants individually, but bind only CalTRUST property, but the omission of such recital shall not operate to bind the Trustees, Members or Participants individually.